Stafford and Perkins Loans

Hello sir, I’m an graduate student. And for higher education admission I want loan for my fees submission. But I was confused between Stafford and Perkins Loans. Can any one provide me detail for what eligibilities are announced in Stafford and Perkins Loans?

[Kiran Chandar]

Stafford and Perkins student loans are the two main types of federal student loans. They're often mentioned together, can be awarded at the same time, and have a few similarities.

These federal student loans are repaid over a period of between 10 and 25 years, and have a six-month repayment grace period after graduation. The first step in applying for a Stafford Loan is by filing the Free Application for Federal Student Aid (FAFSA).

Eligibility:

Stafford loan eligibility:

Stafford Loan eligibility is granted to undergraduate and graduate students who are enrolled at least half-time in a participating institution.

Perkins loan eligibility:

Full- or half-time undergraduate and graduate students are eligible for Perkins Loans, based on financial need. These loans are made through your school, and are repaid to the school.

The maximum awarded under a Federal Perkins Student Loan is:

For undergraduates, up to $5,500 a year (or a lifetime maximum of $27,500 as an undergraduate)

For graduate students, up to $8,000 a year (or a lifetime maximum of $60,000, including undergraduate loans)

Candidate can received their loan when the school will apply your loan funds to your school account to pay for tuition, fees, room and board, and other school charges. If any loan funds remain, your school will issue you a refund to help pay for your other education expenses.